New York, NY Management Concepts Inc

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Tips & Advice

What are the benefits of hiring a property management company?

Some of the key benefits of hiring a property management company include:

Better tenants: The best property management companies are skilled at tenant screening. This can help you attract a higher caliber of tenants to your building. Effective tenant screening can bring in tenants who are more likely to pay their rent in a timely fashion, and who are more likely to remain long-term residents of the building. Screening can also provide you with tenants who are less likely to damage the rental property.

Shorter vacancy cycles: If a tenant moves out, it can take awhile to find a qualified replacement. It's in your best interest to keep this vacancy cycle as short as possible, since you won't be earning any money from an empty unit. Skilled property managers can handle the process of finding a replacement tenant quickly and effectively. This results in shorter vacancy cycles.

Freedom from the day-to-day responsibilities associated with property management: If you manage a property yourself, you'll have to deal with things like rent collection, tenant complaints, and maintenance and repair issues. These responsibilities can be bothersome and time-consuming. Hiring a property management company will help you avoid having to deal with these tasks on a daily basis.

Reduced tenant turnover. Tenant turnover can impact the profitability of a rental unit. The best property management companies know how to keep their tenants happy, and happy tenants are a lot less likely to move out of the building and a lot more likely to take reasonable rent increases in stride.

How to find a property manager?

Use the following steps to find and hire a property manager:

Get referrals, or conduct an online search: Start by getting referrals from sources you trust. Be sure to get referrals from multiple sources to avoid bias. You can also conduct an online search to find property management companies that are based in your area.

Check for ratings, reviews, and complaints: Once you're built a list of candidates, check with the Better Business Bureau to see if complaints have been lodged against any of the companies. It's also wise to visit third-party review sites to see what types of ratings and reviews each company has received.

Look at each company's current work. After weeding out those companies with credible complaints and poor reviews, look at the current work of the companies that remain on your list. Evaluate the ads posted by these companies; you'll want to work with a company whose ads project professionalism. Visit buildings managed by these companies, and speak with the tenants. The best property management companies have tenants who are happy with the services they provide.

Conduct interviews with the top candidates: Next, conduct interviews with the property managers who remain on your list. Look for a company with staff members who are responsive to your questions and open to hearing about your priorities and concerns.

Check licensing: At this point, you should have a favorite or two. Before signing on the dotted line, verify that the company is licensed to manage property in your state. In most states, a real estate broker license is required, while a few states require a property management license.

Carefully review the agreement: Once you've been presented with a property management agreement from the company you've chosen, check to make sure it explicitly includes all the duties and responsibilities you'd like the property management company to handle.

Does property management require a license?

In most states, property management requires a real estate broker license. To obtain this license, you need to have a high school diploma or its equivalent, along with at least two or three years of real estate experience. Classes in real estate education are required, as well as passing a real estate broker's exam.In a handful of states, a specific property management license is required before someone can legally manage property. This license is required in Montana, Oregon, South Carolina, and South Dakota.

How much do property management companies charge?

The rates charged by property management companies vary depending on the services provided, and location may also impact the fees charged. Most property management companies charge a rate that totals 8 percent to 12 percent of the property's rental value. Others might charge a flat fee that has nothing to do with rental value, and instead relates to the range of services provided. Property management companies might charge an extra fee for services such as tenant placement and eviction.

What is the job of a property manager?

A property manager is a professional hired by a property owner to handle the day-to-day management of a rental property. A property manager sets rental rates and collects rent from tenants, and is also responsible for finding and screening tenants. Property managers handle property-related maintenance and repair issues, and they can tackle responsibilities related to tenant move-outs, evictions, complaints, and emergencies.

Stellar bought our building in Feb 2018 and after 3 weeks have begun unnecessary work to raise rents without permits. Creating insane amount of dust without cleaning or warning or any precautions. They have had 4 stop work orders and continued to work and demo apartments. Working on weekends and after 9pm. Super is miserable because he does not want to be taking care of our building because he is already overworked in another building. There is a porter who feels more like a spy with his ear up to our door listening. They have already forced out people from 5 apartments. No one responds to phone calls or emails. Beware this company is ruthless. Google Larry Gluck and find many news articles on their disrespect for the law. Once you move in, they will raise your rent. Keep your deposit.

Sackman Enterprises / Keyah Enterprises (Subsidiary)Ripoff, Fraudulent, Rude, Dishonest, Condescending, Antagonistic, Non-Responsive, deceptive company, lied and changed their policies, creating extra fees New York New YorkI have never felt this frustrated, humiliated, and helpless in all my life. Sackman Enterprises has blatantly lied to me, and they are now holding me hostage in my own apartment.Around 6 weeks ago, I tried to initiate a conversation with Sackman as to how I could exit my current apartment lease without incurring financial penalties. After 3 weeks of calling them, I finally got somebody on the phone. She informed me that there would be no financial penalties so long as a suitable tenant could be found to take over the lease. She instructed me to simply send a fax to Sackman stating my intent to exit the lease.Three weeks later (6 weeks after my initial phone call!) I received a phone call from our property manager (aka Sharia). The first words out of her mouth were, "Hi, this is Sharia. I'm just calling to let you know that there's no way this fax will ever be signed." Sackman was not only 6 weeks late in calling me back, they called back with hostility, rudeness, and a sudden reversal of a policy that I confirmed only 3 weeks earlier.Sharia essentially explained to me that Sackman has a "new" policy that breaking a lease incurs a one-month "penalty fee". She went on to explain that this fee is used to cover their "expenses". When I asked her to put that in writing and explain what those expenses were, she flat-out refused to comply. She told me, "I will tell you verbally, but I will not put that in writing."When we came at a dead-end, she became condescending and rude. She was essentially laughing at my frustration and antagonizing me as I continued to ask questions. I have never felt more helpless in my life.In addition to this incident, here are some other things you should be aware of. Sackman rents its apartments through Keyah Enterprises, which is its wholly owned subsidiary. Sackman is a property management company, but through Keyah they are allowed to charge a 15% realty fee to their tenants. The catch is that Sackman and Keyah are owned by the same people! They are weasling a 15% realty fee, simply by creating a separate paper corporation.Also, our building has been burdened with construction 6 days a week. Working from home is completely impossible, and sleeping past 8AM on Saturdays is even more difficult. During the winter, we had several hot water shortages a week (because Sackman picks up the tab for heat and hot water, they probably found it a very convenient way for them to save money).My advice to you is to live anywhere but a Sackman-owned property. I would never wish a Sackman experience on anyone. There are plenty of good landlords throughout New York. Subjecting yourself to this treatment is not necessary.MarkNew York, New York

1. I try to attract attention of the OWNERS or the LANDLORD of the 2261, Ocean Ave, apt. 3B, Brooklyn, NY, 11229. And visit me, please! I live there for 9 years and NEVER had a chance to see or to talk with the Landlord. 2. All contacts are going only through Marc Goodman, manager, who is VERY rude, VERY aggressive, yelling, intimidating, putting tenants down, humiliating people living in the building! He does not give Landlords' contacts. That is against the law! Everything what I want is to have contacts with LANDLORD! 3. My own good Bathtub/Shower set was changed for cheap "garbage" set by the manager, without my permission, when I was at work!! Now I try to get the Landlord as it is NOT possible to take shower, NOT to wash out soap from body! 4. If I ask the Super (Jan is his name) of the building to fix anything, I have to call him about 10 times. He tells "I am sick, old, don't feel good, forgot, ...etc" He is not available even 8 members of his family live in a free apartment and sons are registered as Super's workers. 5. Several people smoke marijuana in the building. One of them is the Super's son - Aki. 6. People use fair case to walk up and down at night, smoke in the building. 7. There is not any one camera in the building and 5 people got frauds, false bank credits opened as their mail boxes were robbed and personal information was stolen. 8. Rent Lease is increased for $100 annually even if there was 0% assigned by the NYC. 9. Cracks are in apartment's walls and ceiling are everywhere. Painting, repairing or renovation never were done in my apartment. We moved to the apartment which was just left by previous tenants. 10. It is COLD in the building and in apartments. We do not open windows, which are old and misted. DO YOU STILL WANT TO LIVE IN OUR BUILDING?!?!?!.

After getting the run around from another real estate firm, I decided to contact LoHo Realty. Their realtors were nothing like what I expected. They actually listened to what I wanted and did everything to ensure that I found an apartment I loved at an affordable price. The realtors treated me with courtesy and respect, and I will gladly recommend them to anyone.

The people in charge of 44 pinehurst ave do not care who lives in the building. The construction is ridiculous. There are 2 different constructions one in the building and one next to this building. The banging at 9am and you have a daughter trying to sleep. Also the cockroaches are a problem. I'm not sure where they are coming from but this building is disgusting.

I used those guys for my rental: smooth , flexible, professional and efficient. I got 2000$ back upfront when I signed the lease ! I regret I have not used them before . The usual brokers charge way too much for limited work. Keep the good work

I've read plenty of negative reviews about Pan Am on yelp and so to share my opinion, I added my own review about PanAm on Yelp, and it was hidden under "reviews that are not recommended." So here's hoping this will be seen?I don't understand the majority of the negative reviews on Yelp. On second thought, I do. But none of these issues relate directly to them. These are issues every New Yorker has unless they're paying 5M+ for their apartment. And even then I've heard similar stories or different but far worse...I've had nothing but the best experience with PanAm in my last 4 years. Most of the negative reviews are all things that people deal with in ny, no matter who the landlord. I've been living in Manhattan for over 25 years now and have moved around a lot. Probably 15 apartments total. I've had the experience of several different landlords. Maybe 3 or 4 that I can think of off the top of my head that were as responsive to my needs as PanAm. My super has always helped me out whenever I need it, and if for some reason I can't reach the super, I contact Pan Am and if I'm emailing late at night I always have an answer the next morning or latest early afternoon. They've even addressed some of my issues with tenants by sending out flyers to the entire building.Mostly, I've been angered by the reviews on yelp because I've recommended PanAm buildings to friends and family, who then always stumble across their reviews and second guess themselves and my opinion. I've typically been able to sway them since they've all spent time at my apartment and don't have anything but nice things to say. I don't want my friends, family, and coworkers to think I'm making poor recommendations when I know that its the opposite.Anyway, maybe one day my review will be approved by Yelp. Who knows, since I've always had issues with reviews showing up for restaurants, my laundromat, my dog groomer... they pick and choose as they see fit. I don't really get it.

Renting from Pan Am Equities is so easy and stress free. I was able to quickly lock something in with Mirador and moved into a gorgeous renovated building. I even requested an additional cleaning before moving in and they actually accommodated my request. I have had such trouble with small asks from management companies in the past. Everyone who I have communicated with via Pan Am's resident relations has been pleasant and wonderful. They even have a super cute email newsletter that features building pets! This is a company that actually cares about making people comfortable. So hard to find that from a real estate company in NYC.